EDITORIAL: High stakes as Irba ‘reviews’ CEO hire
Jenitha John’s baggage is that for nine years until last May, she headed the audit committee of Tongaat Hulett which oversaw one of SA’s worst-ever accounting scandals
02 July 2020 - 05:00
If you were in any doubt about how critical the auditing industry is, the FM’s cover story on page 22 details how the profession was instrumental in so much of the corruption that has robbed SA’s citizens of their wealth.
SAA is just one example. Despite flaws identified by previous auditor Deloitte, PwC and Nkonki took over as auditors in 2012 and reported that everything was in tip-top shape. It was only in 2017, when the auditor-general took over SAA’s audit, that it picked up that PwC and Nkonki had somehow missed eight major misstatements over the previous years...
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